10231 South Western Avenue, 1st Floor, Chicago, IL 60643

phone312-973-3755

Subscribe to this list via RSS Blog posts tagged in Chicago real estate lawyer


Cook County foreclosure defense attorneyDue to financial issues that have affected many people during the COVID-19 pandemic, the federal government has implemented a moratorium on foreclosures, which is meant to ensure that families can continue living in their homes during this public health emergency. While the moratorium has been extended multiple times, it is currently set to expire on June 30, 2021. This means that those who have been unable to make mortgage payments may face the loss of their homes. Some lenders have stated that they will resume foreclosures as soon as the moratorium ends, while others may wait to proceed with foreclosures until the end of 2021. Homeowners who are facing foreclosure will want to understand their options and determine whether they can work with their lender to create new payment options or whether they will need to find new living arrangements. 

Options for Homeowners Facing Foreclosure

To prevent foreclosure, those who have been unable to make mortgage payments will need to determine how they can become current on past-due payments, and they will also need to make sure they will be able to make ongoing mortgage payments. Homeowners may be able to work with lenders to address these issues, and available options may include:

  • Forbearance - Those who have been unable to make mortgage payments may qualify for relief in which they will not be required to make payments for a certain period of time, or the amount of payments may be temporarily reduced. While missed payments will need to be made up, homeowners will generally not be required to pay a lump sum at the end of the forbearance period. Instead, missed payments may be added on to the end of the loan, or the amount of payments may be increased temporarily. Homeowners who received a forbearance before June 30, 2020 may request up to two extensions of three months each, but the maximum period for forbearance is 18 months.

    ...

Cook County real estate attorney

There are a variety of complex legal and financial issues involved in a residential real estate transaction. Buyers and sellers will both need to meet multiple requirements, and as they get closer to the date where the transaction will be finalized, various concerns can arise that may affect the sale. Closing costs are one issue that the parties to a transaction should be aware of, and buyers and sellers should be sure to understand what costs they will be required to pay.

Typical Closing Costs

Multiple people or companies will be involved in a real estate transaction, and there are costs for the services they provide. These costs must usually be paid by the closing date. While certain costs may be assigned to the buyer or the seller, the parties may negotiate the terms of their purchase contract to address these issues, such as by agreeing that the seller will be responsible for paying certain costs that would usually be paid by the buyer.

...

Cook County real estate attorney short sale

No matter how careful you are about managing your money, unexpected financial difficulties can arise that may cause you to be unable to pay your bills and cover your ongoing expenses. Currently, many people throughout the United States are struggling with financial issues due to the COVID-19 pandemic. Those who have lost their jobs or who have faced additional expenses related to an illness may have trouble making mortgage payments, and defaulting on a mortgage may lead a lender to begin foreclosure proceedings. While the federal government has placed a moratorium on foreclosures for the time being, if you are unable to become current on your mortgage payments by the end of this moratorium, you may face the loss of your home. If you are unable to prevent foreclosure, you may be able to complete a short sale that will allow you to avoid owing additional money to your mortgage lender.

What Is a Short Sale?

In a short sale, you will sell your home for less than the total amount that is owed on your mortgage. This can be a good option if your home is “underwater,” meaning that you owe more money on the mortgage than the home is actually worth. Typically, your mortgage lender will need to approve a short sale, and they may do so if you can show that it will be more financially beneficial for them to allow this type of sale rather than pursuing foreclosure proceedings. 

...

Cook County real esate attorney lease modification

The ongoing COVID-19 crisis has affected many individuals, families, and businesses, and it has caused financial struggles for both landlords and tenants. Some residential tenants have experienced job losses, and many businesses have been required to close or scale back their operations. When residential or commercial tenants are unable to pay rent, this can put landlords in a difficult position, since they may be unable to meet their own financial obligations. 

Typically, landlords are able to pursue evictions when tenants do not meet their rent requirements or otherwise violate the terms of a lease. However, the state of Illinois has placed a moratorium on evictions, and this prohibition has been repeatedly extended as the pandemic continues to affect people throughout the state. Most recently, Governor J.B. Pritzker issued an executive order extending this moratorium through January 9, 2021, and additional extensions may be made if they are determined to be necessary. For landlords who are currently unable to evict tenants who have not paid rent, other options may be available, including making lease modifications that can provide protections and benefits for both landlords and tenants.

...

Cook County real estate attorney loan modification

There are many different types of issues that can cause you to struggle financially. For example, the loss of a job, an unexpected illness, or a disability could affect your ability to pay your ongoing expenses, or overwhelming debt could become impossible to manage. As a homeowner, these types of issues can be especially worrisome, since falling behind on your mortgage payments could lead your lender to pursue the foreclosure of your home. Fortunately, you will typically have options for defending against foreclosure, and an experienced real estate attorney can help you determine whether you can receive a loan modification that will allow you to become current on your payments and maintain ownership of your home.

Loan Modification Options

Depending on your circumstances, the details of your mortgage, and your ability to make ongoing payments, you may be able to negotiate with your lender to modify your loan in one or more of the following ways:

...

Cook County residential real estate attorney

A residential real estate transaction begins when a buyer makes an offer to purchase a home and the seller accepts that offer. The parties will then sign a contract, known as a purchase agreement, which will outline the details of the transaction, the costs for which each party is responsible, and important dates during the process, including the date when the home closing will take place. Contingencies are an important part of a residential real estate contract, and these terms specify conditions that will apply to the transaction while stating when either party can back out of the sale. When buying or selling a home, a real estate attorney can help you understand the contingencies that apply to the sale and make sure that your contract includes terms that provide the protection you need.

Types of Contingencies

A contract’s contingencies will describe the conditions that each party must meet before a real estate transaction can be completed. These terms can help reduce the risk for both buyers and sellers, allowing them to terminate the sale if necessary. Some common contingencies in a real estate contract include:

...
Illinois State Bar Association Gate City Bar Association Cook County Bar Association Will County Bar Association
Back to Top